The SEC forced GPL to liquate all their holding last year. SEC sought and was granted injunction that GPL cease its operation. Despite this, according to page 30 of the filing, GPL is STIILL owed over $800K WITH accrued interest. No notes has ever been paid back despite 20 billion shares were issued to toxic lenders. According to the table on pages 5/6/7, some 12 billion shares were issued to GPL. If this was true, I am sure GPL converted & sold all their shares a long long time ago. So why does this, and other convertible debt, remain on the books?
Simply because it's another channel for Ballas to pocket more cash. I don't for a minute believe that $500K goes towards payment of accrued interest every quarter. That is just lubricious. Or maybe the toxic lenders are his pals and its just another way his pals to financially benefit by having the debt on the company books in perpetuity. This ensures a life time of accrued interest payments.
The debt never shrinks. While the O/S keeps climbing thanks to these toxic transactions. UBQU will always be nothing more than an ATM machine for management at the expense of the shareholders. While the revenuers & profits are being siphoned into other private enterprises.
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